And importantly, we use it for file sharing. Each channel is a root point for a team-specific folder. This is helpful because storing common docs there means they are perpetually available to collaborators, as opposed to OneDrive storage, which in my experience has been very hit or miss (sahre links expiring, etc. ). People can trust that team content is there.
There are downsides. It took me a few months to find my 'optimal' usage pattern, I can't have channel-specific sharing, and it takes me a while to explain the above to people on the team. It is far from perfect, but it is better than sharing a bunch of files in email threads or maintaining unofficial google docs in a Microsoft world.